Entrepreneurship in England

The general Conditionsfor Entrepreneurship in England

England is one of the four parts of the United Kingdom of Great Britain and its capital is London. The country has an area of ​​130395 square kilometers and based on the last census in 2014 its population was 54,316,600 people. The official language of this country is English and its official currency is the pound. Living and doing business in England can be a smart and profitable choice for applicants due to the high quality of life and low unemployment rate in this country. Different types of visas in England are known as the tier, and for investment or entrepreneurship it is called tier1. This type of visa is not offered directly by the government of England and the requirement for getting this visa is that the applicant must be a UK graduate and must present an innovative and creative business plan. This business plan will be approved only if it is determined that the business plan is a successful and a growing business plan. Entrepreneurship in England can be done in two ways: start up (innovative entrepreneurship) and innovator (innovative plan). If the applicant is from outside of the EU, he / she needs to meet a number of requirements. In the following, we will check these requirements in detail.

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Topics reviewed in this article:

• Getting a residence permit through entrepreneurship in the England
• Types of Entrepreneurship in England
• The required costs for entrepreneurship in England
• The process and steps of entrepreneurship in England
• Business plan for entrepreneurship in England
• Important tips for entrepreneurship in England

Getting a residence permit through entrepreneurship in the England

• Innovative Entrepreneurship Method (START UP)

In the innovative entrepreneurship method (start-up), the applicant will submit his/her business plan and after the government approves this plan a 2-year visa will be given to the applicant, this visa cannot be extended and if the business plan is successful and growing, the applicant can convert his/her visa to a tier1 visa and after 5 years of presence in England he/she can get a permanent residence permit. In this method, it takes at least 3 months to review the applicant’s application and approve their business plan.

• Innovative design method (INNOVATOR)

In the innovator method, a 3-year visa will be given to the applicant, which can be extended without restrictions, and the applicant can renew this visa as many times as he/she needs. In this method, as in the previous method, when the applicant has been present in England for 5 years he/she can get a permanent residence permit. In this method, it takes at least 3 months to review the applications and approve the applicant’s plan.

Types of Entrepreneurship in England

As briefly mentioned, if you want to be an entrepreneur in England, you can apply for a start-up Visa or an Innovator Visa. Each of these methods will be reviewed separately here:

• START UP (Innovative)

 Only people who have an innovative and new idea and want to start a new business in England can apply for this type of visa. One of the requirements for implementing this plan is that the plan and idea must be evaluated by an institution which is approved/authorized by the Government of England and then a letter of approval will be sent to the applicant.

• be at least 18 years-old
• Knowledge of English
• Having an adequate financial support for the proposed idea and plan

• INNOVATOR

In order for an applicant to be able to present a successful business plan, he/she must present a new idea, which means that he/she cannot join an existing company or invest in it, and must present an idea that has the potential to grow in England. In order to do this the applicant needs 50,000 Pounds as the initial capital. This idea must first be reviewed and then approved by an institution which is authorized by the Government of England before it can be implemented, and if it can be implemented a confirmation letter will be sent to the applicant.

• be at least 18 years-old
• Knowledge of English
• Having an adequate financial support of 50,000 pounds for the proposed idea and plan

Company registration in England

The required costs for entrepreneurship in England

The required costs for entrepreneurship in England are related and relevant to the applicant’s place of residence.

The process and steps of entrepreneurship in England

In order to be an entrepreneur in England, in addition to having the financial ability for entrepreneurship, people must have a number of other features and characteristics in order to be eligible for it. In order to be an entrepreneur in England and if you have studied in the universities or schools of England you have to invest at least 50,000 pounds in this country. Other requirements for applying for entrepreneurship in England are as follows:

• The required amount for entrepreneurship must be in the applicant’s bank account for 3 months
• Knowledge of English for investing 50,000 pounds (People who have studied in England do not need a language certificate)
• The applicant must be at least 18 years old.
• The applicant must have the living expenses of himself/herself and his/her family in England
• Present a business plan
• Earn the required points (95 points) based on the scoreboard of entrepreneurship in England

Business plan for entrepreneurship in England

The business plan for entrepreneurship in England must be economically justified and innovative. In this method the applicant must submit his/her business plan to the relevant organizations and after the plan has been approved/confirmed and after receiving a written letter which states that the business plan has been confirmed, the applicant can apply for a visa. This business plan will be approved only if it is useful for the government and the applicant and is innovative.

Important tips for entrepreneurship in England

One of the important things about getting a startup visa is that you can have your family members with you as companions. It is also possible to change and convert this type of visa to other types of visas. This type of visa can also be used for other types of jobs in England; and this way you cannot use government loans and services or cannot get the general allowance of this country. You cannot work as doctors and dentists or even practice for medical and dental job titles. Also, you cannot work as a professional sportsperson such as being a coach for any kind of sports. Another important thing is that by having this type of visa you cannot apply for a permanent residence permit or citizenship in this country. The biggest difference between a startup visa and an innovative visa is that by having an innovative visa you cannot have a job outside the field of your profession.